Top 5 Benefits of a Company Audit for Your Business
When people think of a company audit, they often think of larger organizations. Small businesses often overlook the importance of an internal audit because they assume that if anything is going wrong, they’d be able to catch it, but this isn’t always the truth. In fact, this ends up being the exact thing that ends up harming and forcing a smaller company to go under. Despite common beliefs about the size of a company mattering any business regardless of size or industry could benefit from an audit being conducted. The information obtained gives business owners crucial insight into your system’s overall function, any security risks, as well as possible solutions for the problems discovered. With the ever-changing and evolving world of technology, cybercriminals are changing their methods of attack quicker than they can be found. So it’s time to throw away the idea that your company isn’t at risk because it’s “too small” or it isn’t “popular” enough because the truth is all organizations are susceptible to threats. This is something Joyce CPA LLC in the Cutler Bay, FL area helps their clients understand, that no matter how small the threat seems, it is still a threat.
Top Reasons to Conduct a Company Audit
If you’re still on the fence about whether or not your company needs to undergo an internal audit, you should really read carefully and consider these top reasons you shouldn’t wait any longer.
- Examine Your Practices and Processes: It is probably standard practice at your company to have the higher-ups and IT team meet regularly to discuss technical issues and how your organization plans to stay safe against potential risks. After that meeting, a memo or email is distributed to employees so they are aware of the protocol they should be following. However, there may be inconsistency, and your goals for security may not align with the procedures your whole company is following. If this is the case, it is almost impossible to know without having an audit conducted.
- Eliminate Cybersecurity Concerns: Conducting regular exercises that simulate a cyber attack will provide you with information about how your company would withstand an actual cyber attack or breach. “White Hat Tests” are often conducted, and since it’s the good guys (your IT department) executing the attack, it gives you an insider’s view of how equipped your system is in dealing with potential threats, which in turn allows you to make the appropriate corrections.
- Protect Your Network: Conducting an audit will allow you to flag any vulnerabilities within your computer system’s internal framework. These tests will let you know if your single layer of defense lining within your system works well enough to protect you or not. If the feedback indicates, there are potential vulnerabilities you can then begin making the appropriate changes to improve your system’s defense.
- Stay Up-To-Date With Regulations: No matter how big or small your company is there are regulations and requirements at all government levels (federal, state, local) that businesses must comply with. However, enforcement agencies have no obligation to inform owners about any laws or regulations it is left up to each organization to stay a step ahead and informed. Performing an audit can help you stay on top of any changes in regulations, so you never end up in a position where you get fined.
Joyce CPA LLC is located in the Cutler Bay, FL area and specializes in assisting small to mid-sized companies with a high-quality company audit, review, compilation, and tax services. It is our job to help out clients understand that conducting a regular internal audit is imperative to help their businesses thrive. Call or visit us today to find out how we can help your organization!